1. Plan that includes the three previous drafts, attached as an MS Word file. In addition, this final
MP must include the following sections:
Marketing Programs & Financial Projections.
You should review pp. 54–55 of the text for examples of the key issues that should be discussed within
these sections of the MP. You will need a comprehensive marketing program, which includes a
discussion of: the Product Strategy, the Pricing Strategy, the Promotion Strategy and the Distribution
(channels) Strategy.
BUSI 330
COLLABORATIVE MARKETING PLAN FINAL DRAFT INSTRUCTIONS
Include the following in your Group Discussion Board Forum:
1. A report with the final Marketing Plan that includes the three previous drafts, attached as
an MS Word file. In addition, this final MP must include the following sections:
Marketing Programs & Financial Projections.
You should review pp. 54–55 of the text for examples of the key issues that
should be discussed within these sections of the MP. You will need a
comprehensive marketing program, which includes a discussion of: the Product
Strategy, the Pricing Strategy, the Promotion Strategy and the Distribution
(channels) Strategy.
The last section on Financial Projections should show a 5-year projection of
expected revenues. In addition, you should present some type of idea when BE
(break-even) will take place. Companies that introduce new products generally do
not make a profit in “year 1” because of the high development and marketing
costs required to test and launch the product. Obtaining costs will be difficult, but
you should try to estimate costs.
Executive Summary (ES)
Finally, once the MP is written, you will need to write the Executive Summary.
The ES is written last but is placed right after the Table of Contents. You will
want the reader to see the ES first. if they like it, they may read on. If it does not
excite the reader, the MP will likely be discounted. The ES should contain only
the most important findings, conclusions, and recommendations contained within
your plan.
The Table of Contents
The Table of Contents contains a list of the major sections of your marketing plan
with the names of the group members that participated in the actual writing of
each section. This will allow the instructor to evaluate each member’s
contribution to the overall group project.
Appendices
The only Appendix required is a reference list. Keep in mind that data and key
information may need citations, but will surely require a reference list. A plan
with no references will be considered marginal since information sources add
considerable credibility to the ideas in your plan.
Your Collaborative Marketing Plan Final Draft must be submitted by 11:59 p.m. (ET) on Friday
of Module/Week 8.
1
REPORT ON COLLABORATIVE MARKET PLAN.
BY
GROUP DISCUSSION BOARD FORUM.
2
TABLE OF CONTENTS.
i. ………………………………………………………………………Product Strategy…3
ii. ………………………………………………………………………Pricing strategy. …4
iii. ………………………………………………………………………Promotion
strategy……………………………………………………………………………………5
iv. ……………………………………………………………………Distribution strategy…6
Appendices……………………………………………………………………………………..7
References ……………………………………………………………………………………..8
3
Product Strategy.
The main purpose of the market plan is for setting up a company with a specific agenda in
marketing. They are aimed at achieving certain goals/objectives in marketing which looks into
growth by emphasizing on strategy that will end up increasing the customer base.
A modern product strategy plan entails the main promotion of a product with its current/reduced
price which is aimed at the targeted market to influence them to access them at the most
affordable price with its intended efficiency to purpose.
The following are the elements to be used in creating a workable product strategy;
i. Product
The quality of the product is the real concern in this case, every producer must meet the users
optimum needs. By doing this one is able to have every customer in mind because no customer
will purchase a limited quality good because people want to solve their own problems through
the product.
ii. Audience
This includes consideration of the intended customers in terms of size, age, gender, marital
status, education level and profession. This means that the producer needs to understand the
user’s needs and be fully informed on what they really want. When a producer does a research
he/she will be able to recognize specific different patterns among the audience.
iii. Effective communication
Communication is a key factor in approaching your audience through product development.
Efficient communication skills will create a good link between you and your targeted market.
4
Pricing strategy.
i. Pricing to penetrate market.
The main aim to attract customers for the producer to penetrate through the market by allowing
low prices of goods and services. This enables them to reduce competition among stabilized
companies. In the long run after penetrating sufficiently, the pricing strategy should shift its aim
to profit making.
ii. Economy pricing.
This is normally done by mainly food processing industries which is always aimed at attracting
the most conscious type of consumers. This kinds of businesses tend to minimize their marketing
and production costs to keep those prices down.
iii. Psychological pricing.
This pricing refers to the techniques which are used by marketers to respond emotionally than
doing it logically. This is always done when the economy is still limping back to regaining its
stability. The main aim of this type of pricing involves increasing demand through creation of an
illusion of an improved value to the customer.
There are other price to cost oriented methods such as cost plus, mark-up, break-even and target
return pricing.
5
Promotion strategy.
Many marketers are always talented with many different channels and promotional efforts that
are aimed at communicating to their intended audience for the purpose of informing, educating,
persuading and finally making them to purchase their goods or service. The common types of
promotion methods used are;
i. Advertising
This is a marketing strategy that involves paying a token to promote a product or service.
Advertising is a tool for communication to the user of the product from the producer, it
encourages the customer that the characteristics of a good meets the user needs.
ii. Sales promotion
This involves the process of individually persuading the customer to purchase a product.
It is a short term way to boost sales. There are four types of sales promotion which
includes;
-public relations
-sales promotion
-direct marketing
-personal selling
iii. Personal selling
This is also known as face to face persuasion between the sellers of a product to the consumer to
convince them to buy the product. The main characteristics of personal selling include;
-Personal form
6
-Development of relationship
-Flexibility
-Direct feedback
-Minimum Wastage
iv. Publicity
In marketing publicity is the creation of awareness of a product or a service through all
kinds of communication media. It is a main component of promoting a product which has
the purpose of delivering a specific information to a large number of people and within
the shortest time period.
Distribution strategy.
This is the mode in which a firm can sell/ distribute its product via a specific channel. This is
done through a distribution plan. This can be direct and indirect/ intermediary distribution.
Indirect distribution involves the process of distributing a product through an intermediary such
as selling to a distributor/wholesaler then onto the retailer while direct distribution involves
procuring of product or service direct from the producer. The advantage of direct distribution
includes; it give the manufacturer a complete control over their own product.
7
REFERENCES.
Aakar, D.A. & Biel, A.L. 1993. Brand equity and advertising. Hillside, NJ: Lawrence Erlbaum.
Anchrol, R. 1991. ‘Evolution of the marketing organization: Journal of Marketing, 77-93.
Belsch, G.E. 1995. Introduction to advertising and promotion: An integrated marketing
communications approach. Irwin.
Bennett, P.D. 1995. Dictionary of marketing terms. Chicago: American Marketing Association.
Burnett, J.1998. Introduction to marketing communication: An integrated approach. Upper
Saddle River: Prentice-Hall.
8
APPENDIX.
TITLE
TABLE OF CONTENTS.
Product Strategy.
Product
Audience
Effective communication
Pricing strategy.
Pricing to penetrate market.
Economy pricing.
Psychological pricing.
Promotion strategy.
Advertising
Sales promotion
Personal selling
Publicity
Distribution strategy.
Appendix
References.
